When there's more month than salary, and you feel the financial pinch, a side hustle can help to fill the gap. Side hustles provide extra income streams and offer the opportunity to increase your skill set.
A side hustle allows you to have skin in the business game without giving up your primary source of income, and you can do it using your current skills and resources in a time slot that works with your current schedule. Side jobs for extra money can help to increase your financial options and can help you achieve your savings goals, take vacations, pay for college, or get out of debt.
The best part is that there are many side hustles that pay well. According to a Side Hustle Nation survey, 56.2% of respondents made between $0 to $100 per month. That said, 19.2% made between $101 to $500, and 9.2% made between $501 and $1,000 per month.
Side hustle ideas that pay well for 2024
Some side hustles are easier to enter and scale than others. The following side hustle ideas require minimal skills or capital to start.
Freelance writing, proofreading, or editing
Freelance writing, proofreading, and editing skills form a vital part of a company's communication efforts, whether internal or external. These include training manuals and guides, blog articles, newsletters, and marketing copy.
For the most part, you can perform any of these three roles from the comfort of your house and never have to set foot in an office.
The average earnings for these roles are:
- Freelance writers — $23 per hour
- Freelance proofreaders — $28 per hour
- Freelance editor — $32 per hour
Starting in any of these three roles is possible without a college degree. However, a fair understanding of grammar goes a long way. You may need to do a few sample pieces or freelance work first to build your portfolio. Once you have these in tow, you can apply to job boards and marketing agencies or pitch clients directly through emails. Some of the most popular sites to land work as a freelance writer, proofreader, or editor include:
The pay frequency can vary from upfront payments to after the submission of a project. It also happens to be one of the side hustles that pays weekly or monthly on a retainer basis.
To scale this side hustle, there are a few things you can do:
- Upskill yourself in lucrative content niches that pay better
- Deliver high-quality work
- Constantly update your portfolio to secure better-paying clients
- Offer open, clear, and regular communication
- Regularly market yourself and pitch to dream clients
- Keep to deadlines
Affiliate marketing
Affiliate marketing allows you to sell someone else's product or service through a promotional link. An example of this is when you have a website that covers financial literacy, and you sell someone else's financial course, which allows you to earn a fee or commission.
Influencers often use affiliate marketing as a source of income by promoting products on their social media accounts. You may have also seen YouTube videos or blog posts that have a disclaimer, such as, "This post is sponsored by." Affiliate marketing is one of the best ways to make money on the side with a full-time job since you can do it after hours.
On average, affiliate marketers earn around $74,000 per year, with potential estimated additional earnings around $11,000. Additional pay may include cash bonuses, commission, tips, and profit sharing.
To start as an affiliate marketer, these are a few of the steps to follow:
- Choose your niche and the platform you want to promote on
- Research the products or services you want to promote
- Approach these companies for your unique affiliate code
Some of the most popular affiliate partners are:
Be sure to include your affiliate code when you promote these items to get recognition for the sale. It's also important to let your readers or followers know that the promotion entails payment to comply with the Fair Trade Commission (FTC) guidelines.
To succeed in affiliate marketing, here are a few tips:
- Outsource functions where you can
- Have a clear marketing and content strategy
- Be comfortable with the product you're promoting
- Be consistent in your marketing efforts and focus on list-building and lead-generation
- Ensure your affiliate promotions are legitimate and compliant
- Track your efforts and pivot when you need to
- Play the long game, as it takes time to create traction
Gig economy
The gig economy refers to part-time or freelance workers who have no fixed schedules and accept projects or jobs as and when needed. Some of the most common gigs include ridesharing, shopping for others, or delivery services.
If you're wondering how to make money on the side from home and have a minimum threshold you can bank on, the gig economy might be the perfect side hustle. One of the perks of opting for the gig economy as a side hustle is various states are seeing the importance of protecting incomes in this sector. For instance, New York announced a minimum wage of $17.96 for app food delivery workers in 2023.
Some of the most popular companies that provide gig work include:
It's estimated that around 51% of gig workers earn more than $50,000 per year. This can vary drastically depending on the gig. According to Uber, their drivers earn, on average, $33 per utilized hour.
To reach the upper levels of earnings as a gig worker, some industry tips may include:
- Be prepared for the day's work and maximize efficiencies, such as filling fuel and checking your car ahead of time
- Take advantage of peak hours and higher-paying gigs
- Deliver excellent customer service to receive better ratings and, therefore, better options
- Provide additional related services that could increase your earning potential
Finding side hustles that pay well
When choosing side gigs that pay well, it's important to consider not only the amount the gigs pay but also whether the frequency suits your financial needs. The sweet spot is potentially high earnings that can result in a quick payment turnaround time. Many of the side hustles described above may offer an easy entry to the market, low startup costs, and the opportunity to scale earnings.
Be sure to check out these additional helpful resources to start you on your side hustle journey:
